Matrrix Announces Sale of Directional Drilling Assets

CALGARY, May 27, 2019 /CNW/ - Matrrix Energy Technologies Inc. ("Matrrix") is pleased to announce that it has sold all of the assets related to its directional drilling division for approximately $1.5 million cash to a private directional drilling provider (the "Sale").  

With the previously announced discontinuation of directional drilling operations and the Sale, Matrrix intends to focus management's resources on driving growth and profitability in the drilling rig division. The cash proceeds from the Sale will be used to pay down debt.  Management believes Matrrix's strong balance sheet will allow it flexibility to execute on strategic acquisitions, specific customer related upgrades and other opportunities that may arise and align with its growth plan.

FORWARD-LOOKING INFORMATION

Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking information"). Forward-looking information relates to future events or the Corporation's future performance. All information other than statements of historical fact is forward-looking information. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "could", "believe", "predict", and "forecast" are intended to identify forward-looking information.

This press release contains forward-looking information pertaining to, among other things, the use of proceeds from the Sale, management's intended focus and management's expectations of a strong balance sheet and the flexibility it provides.

This forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Matrrix's control.  Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, of if any of them do so, what benefits Matrrix will derive therefrom. 

Statements, including forward-looking information, are made as of the date of this press release and the Corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE MATRRIX Energy Technologies Inc.

Lyle Whitmarsh, President & Chief Executive Officer, MATRRIX Energy Technologies Inc., Tel: [phone]

Related Links

matrrix.com